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Will John Adler Support Goldman Sachs?

April 18, 2010
 
 
 

 

Former Goldman Sachs CEO, Jon Corzine with John Adler (AP Photo/Mel Evans)

Democrats Push Permanent Bailout for Wall Street Giant Just Charged with Fraud
 
Washington– It looks like Washington Democrats are willing to bail out just about anyone in their ongoing quest to waste taxpayer money. As John Adler’s party leaders craft a finance bill that will create a permanent bailout fund for Wall Street giants, one of those firms was just charged with fraud by the Securities and Exchange Commission:
The Securities and Exchange Commission filed charges Friday against Goldman Sachs, one of the most successful but vilified banks on Wall Street, for misleading and defrauding investors in selling a financial product based on subprime mortgages.

“In filing the civil suit against Goldman Sachs, the agency is targeting one of the banks that largely escaped the wreckage of the financial crisis and, with the help of various forms of government aid, emerged stronger.”

(Zachary Goldfarb, “SEC Accuses Goldman Sachs of Civil Fraud,” Washington Post, 4/16/10)
 
Make no mistake about it – the Democrats’ bill will create a permanent bailout fund to rescue firms that Washington politicians and bureaucrats deem ‘too big to fail’:
 

“The Dodd proposal contains a provision that would require large financial companies to contribute to a $50 billion fund that could be used to help dismantle a systemically important company.”

(“Shelby Says Dodd Bill Won’t Cure ‘Too Big to Fail,’” New York Times, 3/26/10)

Goldman Sachs supports the Democrats’ Permanent Bailout of Wall Street:
 
In his self-styled war against Wall Street, President Obama appears to have a powerful ally: Goldman Sachs.
 
“The nation’s largest investment bank, famously cozy with top government officials in both parties, has tipped its hand to its shareholders, indicating that major financial ‘reform’ proposals will help Goldman’s bottom line.”

 

(Timothy P. Carney, “Goldman Rallies for Obama in Wall Street ‘Reform,’” The Washington Examiner, 4/16/10)

“While the American people are forced to hand over more and more of their hard-earned tax dollars to the federal government, John Adler’s party leaders are trying to force the middle class to fund a permanent bailout culture so Washington Democrats can provide a cushion to their friends on Wall Street, including one that has just been charged with fraud,”

said NRCC Communications Director Ken Spain.

“With his party pushing hard for a permanent bailout bill in the coming weeks, Adler owes New Jersey taxpayers an answer: Will he support a bill that creates permanent bailouts for Goldman Sachs and other Wall Street giants, or is he prepared to finally start focusing on job creation for the middle-class families he represents?”

 
According to the non-partisan Center for Responsive Politics, Democrats have taken $7,125,624 in campaign cash from Goldman Sachs since the 2006 election cycle when they took over the House of Representatives. (“Goldman Sachs: Summary,” OpenSecrets.org, accessed 4/16/10)

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